Portfolio concentration
As of March 31, 2026 · N-PORT
Holdings
40
Top-10 weight
58.57%
Effective holdings
?
The number of equal-weight positions that would produce this portfolio's concentration (1 ÷ Herfindahl index). A 500-stock fund dominated by a few mega-caps might have only ~100 effective holdings.
22
Crowding
?
The value-weighted average number of funds that also own this fund's positions. High = consensus/crowded picks; low = holdings few other funds own.
339.1
Holdings
As of March 31, 2026 · N-PORT| # | Security | Ticker | Shares | Value | % of fund |
|---|---|---|---|---|---|
| 1 | RIO TINTO PLC SPON ADR | RIO US | 132,590 | $12.37M | 8.26% |
| 2 | BHP Group Ltd. SPONSORED ADS | BHP US | 166,446 | $12.11M | 8.09% |
| 3 | Vale S.A. SPONS ADS REPR 1 COM NPV | VALE US | 696,397 | $11.08M | 7.40% |
| 4 | RIO TINTO LTD | — | 89,334 | $10.08M | 6.73% |
| 5 | State Street Navigator Securities Lending Portfolio II | GVMXX | 10,019,897 | $10.02M | 6.69% |
| 6 | NUCOR CORP | — | 53,295 | $9.01M | 6.02% |
| 7 | FORTESCUE METALS | — | 587,547 | $8.33M | 5.57% |
| 8 | ARCELORMITTAL CL A SPN GDR (NY REG) | — | 134,719 | $7.00M | 4.68% |
| 9 | RELIANCE STEEL and ALUMINUM CO | — | 22,290 | $6.77M | 4.53% |
| 10 | POSCO HOLDINGS INC SPON ADR | — | 115,420 | $6.75M | 4.51% |
| 11 | STEEL DYNAMICS INC | — | 37,270 | $6.71M | 4.48% |
| 12 | NIPPON STEEL COR | — | 1,796,500 | $6.61M | 4.41% |
| 13 | TENARIS SA SPON ADR | TS | 104,689 | $6.09M | 4.07% |
| 14 | CHINA STEEL CORP | — | 7,683,000 | $4.59M | 3.07% |
| 15 | JFE HOLDINGS INC | — | 337,600 | $3.94M | 2.63% |
| 16 | BLUESCOPE STEEL | — | 181,823 | $3.27M | 2.18% |
| 17 | VOESTALPINE AG | — | 68,657 | $3.04M | 2.03% |
| 18 | SSAB-B | — | 372,055 | $2.91M | 1.95% |
| 19 | COMMERCIAL METALS CO | — | 44,678 | $2.74M | 1.83% |
| 20 | MINERAL RESOURCE | — | 71,170 | $2.71M | 1.81% |
| 21 | GERDAU SA -SPON ADR DEPOSITARY RECEIPT | GGB | 700,610 | $2.53M | 1.69% |
| 22 | CLEVELAND-CLIFFS INC | — | 288,962 | $2.44M | 1.63% |
| 23 | TA CHEN | — | 1,483,000 | $1.73M | 1.16% |
| 24 | ACERINOX | — | 114,140 | $1.59M | 1.06% |
| 25 | YAMATO KOGYO | — | 20,200 | $1.56M | 1.04% |
| 26 | EREGLI | — | 2,132,994 | $1.37M | 0.91% |
| 27 | Ternium SA | — | 33,038 | $1.33M | 0.89% |
| 28 | OUTOKUMPU OYJ | — | 230,971 | $1.26M | 0.84% |
| 29 | RUSSEL METALS | — | 31,927 | $1.10M | 0.73% |
| 30 | MARUICHI STL TUB | — | 119,700 | $1.09M | 0.73% |
| 31 | APERAM | — | 26,802 | $1.07M | 0.71% |
| 32 | HYUNDAI STEEL | — | 44,798 | $1.03M | 0.69% |
| 33 | SIMS LTD | — | 77,843 | $980.51K | 0.65% |
| 34 | HANWA CO LTD | — | 94,700 | $947.44K | 0.63% |
| 35 | LABRADOR IRON OR | — | 35,939 | $755.07K | 0.50% |
| 36 | FENG HSIN STEEL | — | 334,000 | $641.46K | 0.43% |
| 37 | KUMBA IRON ORE L | — | 33,420 | $623.42K | 0.42% |
| 38 | WORTHINGTON STEEL INC | — | 17,366 | $527.06K | 0.35% |
| 39 | CIA SIDERURGICA NACIONAL SA | SID | 388,510 | $481.75K | 0.32% |
| 40 | VESUVIUS PLC | — | 90,885 | $476.04K | 0.32% |
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